Another very quiet week has just passed for corn futures, with Dec-22 moving up just 1 cent per bushel week over week to $6.80 per bushel.
S&D and fundamental factors
Of note: Mexico reaffirmed plans to block all imports of GM yellow corn, with Ag minister Victor Suarez stating that the ban will start in 2024. Mexico is the #1 importer of U.S. corn at some 17 MMT per year, about 25 percent of U.S. annual exports—mostly GM yellow corn for feed.
Weather, macro indicators, and news
A second union rejected the railway deal tentatively agreed upon back in September. Negotiations will be ongoing, but a potential strike cold some as early as Nov. 19 if a new deal is not reached.
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